This page reflects CALM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 18, 2026 close
Max Pain — CALM
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $85.00 (3.81 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$85.00
Nearest expiry
Expected Move
±$3.40
±4.2%
Days to Expiry
3
Calendar days
Total Call OI
7,269
Nearest expiry
Total Put OI
10,448
Nearest expiry
P/C OI Ratio
1.44
Put-heavy
Spot Price
$81.19
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-06-18
$75.00
6/18/2026, 11:06:41 PM
2026-07-17
$80.00
7/17/2026, 11:08:37 PM
2026-08-21NextUpdated
$85.00
8/18/2026, 11:07:46 PM
2026-09-18
$90.00
8/18/2026, 11:07:46 PM
2026-10-16
$85.00
8/18/2026, 11:07:46 PM
2026-11-20
$60.00
8/18/2026, 11:07:46 PM
2027-02-19
$45.00
8/18/2026, 11:07:46 PM
Selected expiration: 2026-08-21 at max pain $85.00.
CALM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
28245000
28245000
50
24000
23029000
23053000
55
53000
17963000
18016000
60
83500
13252000
13335500
65
125500
9173500
9299000
70
184000
5549500
5733500
75
254500
2836000
3090500
80
403500
501500
905000
85
715000
162000
877000
90
1925500
1500
1927000
95
3822500
1000
3823500
100
6580000
500
6580500
105
9797500
0
9797500
110
13207000
0
13207000
115
16637000
0
16637000
120
20121000
0
20121000
125
23613500
0
23613500
130
27106500
0
27106500
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.